1 G L O B A L C H I N E S E R T A U C T I A N O MA R K E T R E P O R T 2 0 1 6
Table of Contents
Foreword.... 4 About artnet... 5 About the China Association of Auctioneers (CAA).... 6 Key Findings.... 8 1 The Art Market in 2016.... 11 1.1 Market Overview.... 12 1.2 Mainland China s Market.... 14 1.3 Overseas Market... 17 1.4 Market Structure.... 19 2 Sector Breakdown and Price Distribution... 22 2.1 Performance by Price Segments... 23 2.2 Performance by Sector.... 25 Appendix 1: 2016 Global Art Auction Houses... 28 Appendix 2: 2016 Lots Sold for Over 10 Million RMB... 67 Notes.... 119 Contact.... 122
4 Global Art Auction Market Report 2016 Foreword artnet and the China Association of Auctioneers (CAA) are pleased to present the fifth edition of the Global Art Auction Market Report, offering an in-depth look at the market for art and antiques in 2016. In a continued effort to present the most accurate representation of the auction market in China, artnet and the CAA have once again come together to produce a definitive study, which only these two trusted organizations can provide. The Global Art Auction Market Report is the only report of its kind to publish auction results from mainland China that have been vetted by a third-party organization with insider knowledge on the state of the market. The 2016 edition of the report continues to examine the global sale of art and antiques, upholding its quality and accuracy, with the goal of creating a new standard of transparency. In 2016, auction sales of art and antiques totaled $6.7 billion ( 46.6 billion) worldwide, more than one-third of the size of the global art auction market. After five years of fluctuation, mainland China s art market began to show signs of maturity, as the market prioritized quality over quantity. The sales of art and antiques overseas, however, saw its first significant decline since 2012, mirroring the overall market contraction abroad. By providing detailed analysis of reliable market data, coupled with a macro-level view of global art and economics, the report aims to foster a deeper understanding of this fascinating market, which continues to be one of the most interesting developments in modern art auction history. artnet and the CAA would like to express our sincere appreciation to all who have made this report possible.
About artnet 5 About artnet artnet is the leading place to buy, sell, and research fine art, design, and decorative art online. artnet was founded in 1989 with the goal of bringing transparency to the art world. In the past, the lack of objective price information created a barrier for buyers and hindered the market from growing. The art world has always been international, however, it has been historically managed locally in relatively inefficient markets by tens of thousands of geographically disparate art dealers, galleries, auction houses, book publishers, museums, and collectors. For over 27 years, artnet has worked to revolutionize the market. Providing a range of services to connect buyers and sellers online, and offering a suite of valuation tools to make market information accessible, artnet has shaped the way people collect art today. The Price Database transformed the art world by providing a global standard of price comparison. The database includes over 11 million art auction results dating back to 1985, compiled from more than 1,700 auction houses from around the world. In 2008, the company launched artnet Auctions, the first online auctions platform dedicated to buying and selling Modern and contemporary paintings, prints, photographs, sculpture, and more. This platform provides a unique collecting experience, with 24/7 bidding, instant turnaround, and lower commissions. In 2012, artnet launched a 24-hour global art newswire: artnet News. Serving as a one-stop platform for the events, trends, and people that shape the art market and global industry, artnet News provides up-to-the-minute analysis and expert commentary. Following its success, artnet News China was launched in March 2015, delivering the same high-quality, timely content in publishing original news for the local and regional -speaking audience. Today, artnet is the undisputed leader of the art world online. As the market continues to evolve and expand, the company is committed to bring its legacy, years of industry experience, and the greatest amount of transparency to the global art community. Another pillar of the business is the Gallery Network, which was introduced in 1995. The largest network of its kind, this product offers the world s most comprehensive overview of artworks available for sale.
6 Global Art Auction Market Report 2016 About the China Association of Auctioneers (CAA) The China Association of Auctioneers (CAA) is the only national association of the auction industry in China. Its functions include auctioneers administration, auction house regulation, and industry supervision, as well as business promotion, policy coordination, information services, and consulting. Established in 1995, the CAA has been the most important platform for fostering connections within China and with the rest of the world, making every effort to promote the development of China s auction industry and market. Revitalized in 1986, and now led by the CAA, the auction industry has entered a new era. In 1996, the Auction Law of the People s Republic of China was issued under the advisement of CAA. As the first auction law in China, it promised standardization and stability within China s growing auction industry. The number of CAA s auction house members reached 1,000 in 2005. As of 2017, it contains nearly 3,000 members and represents 80% of the market share, including the most wellknown and prestigious auction houses in mainland China. China s Ministry of Commerce issued the Standard for Auction of Cultural Relics and Art Works in 2010. Drafted by CAA, this document marked the beginning of the standardization of China s art auction industry. Today, establishments are regulated by two national standards and five industry codes of practice. Since 2012, the CAA has continued to promote standardization within the industry by vetting auction houses in mainland China based on the guidelines laid out in the Standard for Auction of Cultural Relics and Art Works, and emphasizing quality of lots sold over quantity. So far, 56 antiques and art auction houses have been certified as meeting the industry standard. In 1997, the CAA designated the first group of national certified auctioneers. Today, 13,053 national auctioneers have been trained and certified and serve as the backbone of the industry. In 2000, the CAA founded the Cultural Artifacts Auction Professional Committee to fulfill its administrative responsibilities of art sales in China. The CAA partnered with artnet in 2014 to successfully co-host an international summit, The Art Market: Present and Future, in New York. During the summit, the CAA proposed the establishment of an international auctioneers association. In recent years, the CAA has extended its efforts to affect change in the global art market. Since 2015, the CAA completed the framework for a credit system and an international platform for the antiques and art auction market in China, thus establishing the foundation for sustainable growth and a global strategy for the industry.
About the China Association of Auctioneers (CAA) 7 In 2016, they founded Auction of Cultural Relics and Art Works Awards (Qinghua Awards), the highest honor in the field of art auction. Furthermore, the CAA hosted the fourth Art Auction Summit in 2017. The summit explored the development and transition alongside the global art auction under globalization trends. In the future, as China s auction industry continues to expand worldwide, the CAA will play a leading role in building the platform for international communication by working with fellow organizations, thereby promoting integration and development of the global auction market.
2016 Key Findings
2016 Key Findings 9 2016 Key Findings Auction sales of art and antiques totaled $6.7 billion ( 46.6 billion) worldwide in 2016, representing a decline of 5% year-on-year. This is the third consecutive year of decline for this collecting category. Mainland China regained a global lead as the Western market experienced a contraction. Total sales value recovered by 7% in 2016 after two consecutive years of decline, totaling $4.8 billion ( 33.4 billion). Growth in the high-end market (lots above 10 million) played a crucial role in this recovery, reaching a 29% market share in 2016 more than double the total just two years ago. Sell-through rates have continued to increase in mainland China over the past two years, returning to 51% in 2016 as the market concentrated towards higher-quality lots. However, this number is still significantly lower than the sell-through rate in 2010 (58%) before the market peaked, or in comparison to sales of art and antiques overseas (61%). The total sales value of art and antiques overseas declined by 27% year-on-year and dropped to $1.9 billion ( 13.2 billion), mirroring the overarching trend in the overseas art auction market, which saw a 24% overall decline from 2015 to 2016. Fewer overseas auction houses offered art and antiques for sale, falling from 332 in 2015 to 324 in 2016 the first time this number has declined in seven years after a historic 135% growth from 2009 to 2015. The number of lots offered and sold also dropped for the first time since 2012, down by 13% and 6%, respectively, from 2015. The market for art and antiques is becoming increasingly concentrated towards Asia, as major international auction houses shift their inventory to. Among this collecting category, the share of value sold in North America and Europe has dropped from 33% in 2011 to 21% in 2016, while the share of value sold in Asia (excluding mainland China) increased from 66% to 78%. Non-payment remains a chronic problem in mainland China. Since a larger percentage of the total sales came from the high-end market, where payment in installments and delayed payments are more common, the overall payment rate dropped from 58% in 2015 to 51% in 2016, a return to pre-correction levels.
1 The Art Market in 2016
12 Global Art Auction Market Report 2016 1.1 Market Overview Auction sales of art and antiques totaled $6.7 billion ( 46.6 billion) worldwide in 2016, representing a slight decline of 5% year-on-year. This is the third consecutive year of decline for this collecting category, bringing the total sales value down by 41% compared to its 2011 peak of $11.5 billion ( 77.5 billion). Mainland China saw a 7% increase in total sales value, reaching $4.8 billion ( 33.4 billion) in 2016. However, the value of art and antiques sold overseas declined by 27% in 2016, totaling $1.9 billion ( 13.2 billion), following the overarching market trends in the art market overseas. The total number of auction houses selling art and antiques worldwide has continued to consolidate since 2014, reaching 595 in 2016. This number was negatively affected by a drop in the number of establishments in mainland China and other regions in Asia while in Europe and North America there has been increasing competition since 2011. Global Total Sales Value (USD) of Art and Antiques from 2011 2016 $14 bn $12 bn $10 bn $8 bn $6 bn $4 bn $2 bn $0 2009 2010 2011 2012 2013 2014 2015 2016 Total Mainland China Overseas Number of Active Auction Houses by Region in 2016 In 2016, auction houses around the world offered 573,950 art and antiques lots for sale. Among them, 300,525 were sold, bringing the sell-through rate to 52% the highest since 2012. Asia 52 After the global financial crisis of 2007 and 2008, the auction market in mainland China came into the international spotlight with an astounding 500% growth during the three-year period between 2009 and 2011. In 2011, the market reached $9.3 billion ( 62.8 billion) in total sales value, surpassing any other country in the world. Mainland China 271 Rest of the World 7 Europe 158 North America 107
1 The Art Market in 2016 1.1 Market Overview 13 Driven by a growing interest in this collecting category, as well as the recovery of the Western art market since 2010, auction sales of art and antiques overseas has also expanded by 278% from 2009 to 2011. The market reached $2.1 billion ( 14.6 billion) in total sales value in 2011 and accounted for a much larger portion of the total overseas sales value, growing from 8% in 2009 to 16% in 2011. However, a period of correction began in 2012 as China s economic growth began to slow down and speculative investments became less common in the art market. The total sales value in mainland China declined by 46% to $4.9 billion ( 32.6 billion) in 2012, returning to what many insiders consider the normal state of the market. After a brief rebound in 2013, the market continued its downward trend through 2015, falling to $4.4 billion ( 29.1 billion). Although a small recovery was seen in 2016 up by 7% year-on-year and reaching a total sales value of $4.8 billion ( 33.4 billion) when measured in US dollars, no growth has been made since 2012. Outside of mainland China, the recovery of the art market after the financial crisis had been strong and steady, with an aggregated growth of 163% in total sales value from 2009 to 2015. Supported by an increasing number of international buyers, the sale of art and antiques overseas continued to make up a significant portion of total art sales since 2011, peaking at $2.6 billion ( 17.1 billion) in 2015. However, as the overseas art market contracted in 2016, the total sales in this collecting category also mirrored the overarching market trend, ultimately declining by 27% to $1.9 billion ( 13.2 billion). In 2016, the combined total sales value of art and antiques in mainland China and overseas accounted for 37% of the total global art auction sales, up from 32% in 2015.
14 Global Art Auction Market Report 2016 1.2 Mainland China s Market After two consecutive years of decline in sales value, mainland China s market recovered by 7% year-on-year, reaching $4.8 billion ( 33.4 billion) in 2016. Following this increase, China regained its global lead as the Western market experienced a contraction. Global Number of Active Auction Houses Selling Art and Antiques from 2011 2016 340 320 One of the driving factors for this recovery was the growing percentage of sales value that came from the high-end market (lots above 10 million), reaching 29% in 2016 more than double the total just two years ago. As a result, the average lot price in mainland China has continued to grow since 2013, reaching $18,967 ( 131,062) in 2016. If we look beyond headline-making sales, the market continued to downsize in quantity, and instead auction houses concentrated on improving the quality of lots offered. The number of houses that held auctions in 2016 decreased for the second year in a row by 1%. Instead, a growing number of houses, especially smaller-sized ones, have chosen to stay inactive in anticipation of narrower business opportunities in the low-end market. The percentage of inactive houses (39%) has reached its highest level in six years. 300 280 260 240 220 200 2011 2012 2013 2014 2015 2016 Mainland China Overseas The number of lots offered for sale in 2016 dropped to the lowest level in seven years. Totaling at 499,260, this number was 6% lower than 2015, and 29% lower than the previous peak in 2013. 1 Credit Suisse: Global Wealth Report 2016, p48.
1 The Art Market in 2016 1.2 Mainland China s Market 15 Despite a smaller supply, more lots were sold in 2016 yearon-year. Sell-through rates continued to increase in mainland China over the past two years, returning to 51% in 2016 (as compared to 47% in 2015), as the market concentrated towards higher-quality lots. However, this number is still significantly lower than the sell-through rate of 2010 (58%) before the market peaked, or in comparison to sales of art and antiques overseas (61%). The tightening supply, coupled with the growth in sellthrough rates, indicate a different trajectory of market recovery than the previous market rebound in 2013, which was boosted mainly by an increase in inventory. This shift came as no surprise as the art-buying community continues to grow in size, diversity, and taste. From 2000 to 2016, wealth per adult in China quadrupled, rising from $5,670 to $22,864. 1 Additionally, total investable assets in China increased by 21% from 2014 to 2016, reaching a total of $23.8 trillion ( 165 trillion). Nearly 1.6 million individuals held over $1.4 million ( 10 million) in investable assets in 2016 doubling since 2012. Among them, around 120,000 individuals held over $14.4 million ( 100 million) in investable assets. 2 At the same time, with a weakening yuan and continued uncertainties in the stock and real estate markets, alternative investments such as art have become an increasingly desirable form of asset allocation. As these new collectors entered the market and speculative investments became more infrequent, collectors have become more selective in their purchases, which in turn, has encouraged auction houses to improve the quality of lots offered. In addition, corporations have had a more prominent presence in the art market. Many have even established private museums, and have been awarded with tax and branding incentives on top of asset allocation. This increasing participation helped buoy the price of art and antiquities, and has now become the driving factor for growth in the art and antiques market. In 2016, among the lots that were sold above $14.4 million ( 100 million) in mainland China, many were reportedly bought by corporate collections and two even broke auction records. However, non-payment remains a chronic problem in mainland China. Even though improvements have been made since the start of the correction in 2012, the market s condition worsened again in 2016. Since a larger percentage of the total sales came from the high-end market, where payment in installments and delayed payments are more common, the overall payment rate 3 dropped from 58% in 2015 to 51% in 2016, a return to pre-correction levels. Therefore, out of the $4.8 billion ( 33.4 billion) total sales value sold in mainland China in 2016, slightly more than half of the lots sold were actually paid for. This percentage is even lower among high-priced lots ( 10 million and above), dropping from 52% in 2015 to 47% in 2016. 1 Credit Suisse: Global Wealth Report 2016, p48. 2 Bain Consulting and China Merchants Bank: 2017 China Private Wealth Report, p3 5. 3 Percentage of total value paid for all lots sold in 2016 as of May 15, 2017.
16 Global Art Auction Market Report 2016 Market Share by Value (USD) by Region in Mainland China in 2016 Other 3.3% Pearl River Delta Region 6.6% Yangtze River Delta Region 20.3% Market Share by Volume (Lots Sold) by Region in Mainland China in 2016 Beijing and Tianjin Region 69.9% As the market continued to condense in mainland China, the Beijing and Tianjin Region is taking on a larger share of the market, both in volume (47% of lots sold) and value (69% of earnings). This was also the only region in mainland China where the average price of lots increased in 2016, reaching $27,764 ( 191,846) thereby becoming the second-highest worldwide as blockbuster sales concentrated within this region. In terms of supply, although contraction was seen across the board, the Pearl River Delta Region downsized at a much sharper rate than other regions in mainland China. It fell by 25% year-on-year, as compared to 2% in Beijing and the Tianjin Region and 4% in the Yangtze River Delta Region. Sell-through rates, on the other hand, jumped from 48% to 64% in this region, surpassing those of any other region worldwide. Average prices in the Pearl River Delta also exceeded many other regions in the world, including Europe and North America, standing at $23,920 ( 165,289), proving a successful effort in building a niche, local market supported by a large high-networth population. 4 Other 6.9% Pearl River Delta Region 5.2% Yangtze River Delta Region 40.1% Beijing and Tianjin Region 47.7% 4 Bain Consulting and China Merchants Bank: 2017 China Private Wealth Report, p10.
1 The Art Market in 2016 1.3 Overseas Market 17 1.3 Overseas Market The art market boom outside of mainland China came to an end during the second half of 2015, as demand waned amidst a weakening global economy. In 2016, there was a 24% decline in total sales value. In the United States alone, the market declined by 26%, and the United Kingdom saw a 14% decline year-on-year. As a result, the value of art and antiques sold overseas also declined by 27% in 2016, totaling $1.9 billion ( 13.2 billion), thereby mirroring overarching market trends. Fewer overseas auction houses offered art and antiques for sale, falling from 332 in 2015 to 324 in 2016 the first time this number has declined in seven years after a historic 135% growth from 2009 to 2015. The number of lots offered and sold also dropped for the first time since 2012, down by 13% and 6%, respectively, from 2015. Market Share by Value (USD) by Region Overseas in 2016 North America 13.2% Europe 8.1% Rest of the World 0.1% Asia 78.6% North America stood out as the only region that saw growth in the number of art and antiques offered and sold (up by 8% and 9%, respectively), thus reinforcing its position as the largest market (by volume) for this collecting category overseas. However, the total value sold in this region declined by 27% due to a significant fall in sales at the higher end of the market, despite an increase at the lower end of the market. The average price of art and antiques sold in this region declined by 34% year-on-year to $11,804 ( 81,569), dropping below the average price in mainland China ($18,967) for the first time. Market Share by Volume (Lots Sold) by Region Overseas in 2016 North America 46.9% Rest of the World 0.7% Asia 35.6% Europe 16.7%
18 Global Art Auction Market Report 2016 In Europe, the total sales value of art and antiques also declined, driven mainly by a decrease in supply from top-tier auction houses. From 2011 to 2016, the average price of art and antiques sold in North America and Europe was cut in half. Sell-through rates in the two regions also dropped by 15% within the same time period, representing a much steeper decline than in Asia or other areas in the world. Combined, these two regions had held a market share (by value) of 33% at the market s peak in 2011. In 2016, North America and Europe s share of the market dropped to 21%, with Asia (excluding mainland China) taking over much of their share. The market for art and antiques is becoming increasingly concentrated towards Asia. This region had traditionally been the largest market (in value) for this collecting category overseas, accounting for 66% of market share in 2011, followed by Europe (19%) and North America (14%). Since 2013, the market share held by Asia further increased, reaching 78% in 2016. Although the total value and volume of art and antiques sold in the region declined in 2016 as in other regions overseas this drop was mainly driven by contraction at the lower end of the market. Among top-tier auction houses, a decrease in supply was seen across the board. However, total sales value from these houses increased by a significant margin as major international auction houses shift their inventory to for the convenience of collectors, who are becoming a major influence in the global art scene. Since the turn of the century, the supply of art and antiques from overseas has gained increasing attention from collectors for its clean provenance and relatively low prices. However, in the past, transaction costs were high, as artworks imported to mainland China were subject to a 12% import tax (excluding artworks created more than 100 years before the sale date), and a 17% value-added tax. In 2012, the import tax for certain types of art was lowered from 12% to 6%. In 2017, it was further reduced to 3%, which in turn helped lower the cost for purchasing works overseas. In addition, the establishment of free-trade zones in Shanghai, Beijing, Guangdong, Tianjin, and Fujian from 2013 to 2015 has brought additional convenience to importing art abroad. Since the second half of 2015, uncertainties in the valuation of the yuan, as well as in China s stock and real estate markets, have further spurred the demand for more diverse asset allocation through overseas asset holdings and non-financial assets. The percentage of high-net-worth individuals with overseas investments increased from 37% in 2015 to 56% in 2017. Over 80% of this group list wealth preservation among their top priorities for overseas investment, as opposed to 60% in 2015. 5 Amidst this increasing demand from buyers, overseas sales of art and antiques increased by 14% in 2015, against the overarching downward trend in mainland China (where total sales value declined by 19%) and overseas (where overall art auction sales declined by 1%). Although total sales of art and antiques overseas had declined in 2016, it still accounted for 14% of all art sales outside of mainland China, a much larger share than in 2009 (8%). With a tighter capital control in 2017, however, this percentage will likely be affected in the future. 5 Bain Consulting and China Merchants Bank: 2017 China Private Wealth Report, p21 22.
1 The Art Market in 2016 1.4 Market Structure 19 1.4 Market Structure In 2016, the global sale of art and antiques became more concentrated as the overseas market contracted. The top five auction houses accounted for 46% of total sales value worldwide, taking shares from mid-sized auction houses. For the first time, the top three auction houses all came from Beijing, dominating 33% of the total global sales of art and antiques. Market Share by Value (USD) Held by Top-Ranked Auction Houses Globally in 2016 Remaining Auction Houses 23.1% Auction Houses Ranked 1 5 46.6% Auction Houses Ranked 6 25 30.4% Top Five Auction Houses Worldwide in 2016 Name Location Total Sales Value Global Market Share by Value Beijing Poly Beijing $841,456,614 12.4% Beijing Council Beijing $718,879,884 10.6% China Guardian Beijing $687,803,184 10.1% Sotheby's Asia $503,585,071 7.4% Christie's Asia $388,940,785 5.7% Other Auction Houses Worldwide $3,605,259,795 53.4%
20 Global Art Auction Market Report 2016 In mainland China, the market has become increasingly centralized over the past three years. In 2016, the structure started to stabilize as shares held by the top five and subsequent 6 25 auction houses remained almost unchanged. Market Share by Value (USD) Held by Top-Ranked Auction Houses in Mainland China in 2016 Beijing Council more than doubled its total sales value in 2016 the year of the auction house s 10th anniversary thereby driving up the total market share held by the top three houses to 46% from 37% in 2014. As demand increased overseas, mid-level auction houses saw a significant expansion in the market share for art and antiques. However, in 2016, the market saw a return to oligopoly. Over 68% of the market share was held by the top five auction houses, compared to 61% in 2015. Combined, the branches of Sotheby s and Christie s sold $892.5 million ( 6.1 billion) worth of art and antiques in 2016, up by 4% year-on-year, accounting for 46% of sales for this collecting category overseas. In contrast, the New York locations of Sotheby s and Christie s saw a 30% decline in combined sales value in this collecting category as the market shifted towards Asia especially. Remaining Auction Houses 15.6% Auction Houses Ranked 6 25 28.8% Market Share by Value (USD) Held by Top-Ranked Auction Houses Overseas in 2016 Remaining Auction Houses 7.5% Auction Houses Ranked 6 25 23.6% Auction Houses Ranked 1 5 55.6% Auction Houses Ranked 1 5 68.9%
2 Sector Breakdown and Price Distribution
2 Sector Breakdown and Price Distribution 2.1 Performance by Price Segments 23 2.1 Performance by Price Segments Due to the diverse nature of art, different sectors and price segments often cater to a multitude of collector groups, each impacted by a unique set of influences. Therefore, the general trend of the art and antiques market is impacted by an ever-changing combination of factors. In 2016, the growth seen in mainland China was mostly driven by improvement in the high-end market ( 10 million and above). This price segment alone accounted for 29% of the total sales value in 2016, more than double what this number was two years ago. In terms of volume of lots sold, the size of the lower-end market (below 500,000) in mainland China remains almost unchanged year-on-year, while the volume at the middle ( 500,000 below 10 million) and high-end market ( 10 million and above) increased by 26% and 30%, respectively, fueling the increase in average price within this region. Among all price brackets, the 5 million and above bracket saw the highest percentage of growth in volume. Additionally, 10 lots were sold above $14.4 million ( 100 million), the highest volume seen in this price bracket since the start of the correction, as high-quality lots become increasingly coveted as a safe option for asset allocation. Number of Lots Sold by Collecting Category and Price Range in Mainland China in 2016 Lot Bands (RMB) Art Books and Manuscripts Other Total 100 Million and Above 0 0 0 10 0 10 50 Million Below 100 Million 0 4 0 18 0 22 10 Million Below 50 Million 25 69 3 180 8 285 5 Million Below 10 Million 44 126 9 414 48 641 1 Million Below 5 Million 226 891 66 2,551 225 3,959 500,000 Below 1 Million 253 1,372 77 3,833 361 5,896 Below 500,000 6,623 62,374 17,021 100,872 57,237 244,127 Total Lots Sold 7,171 64,836 17,176 107,878 57,879 254,940 Total Sales Value (USD) $271,780,029 $1,134,587,554 $99,565,847 $3,076,700,434 $252,821,997 $4,835,455,861 Average Price (USD) $37,900 $17,499 $5,797 $28,520 $4,368 $18,967
24 Global Art Auction Market Report 2016 Although volume declined across nearly all price brackets outside of mainland China, the middle to lower high-end market ( 500,000 below 50 million) saw a much larger rate of decline than other price brackets, down by 32% year-on-year. This fall shows softening demand for works in this price bracket as investments, amidst rising uncertainties in the economy. At the high end ( 10 million and above) of the market, a total of 171 lots were sold for $784 million ( 5.4 billion), accounting for 41% of the total sales value overseas (compared to 36% in 2015, and 30% in 2014) mirroring the trend shown in mainland China. As a result, the lower-end market (below 500,000) accounted for an increased share of art and antiques sold overseas (in volume), reaching 93% in 2016, the highest level since 2012. On the other hand, the middle market ( 500,000 below 10 million) saw a decline in market share from 8% in 2015 to 6% in 2016. Number of Lots Sold by Collecting Category and Price Range Overseas in 2016 Lot Bands (RMB) Art Books and Manuscripts Other Total 100 Million and Above 1 1 0 3 0 5 50 Million Below 100 Million 5 8 0 2 0 15 10 Million Below 50 Million 45 55 2 49 0 151 5 Million Below 10 Million 51 88 0 104 0 243 1 Million Below 5 Million 227 547 2 612 2 1,390 500,000 Below 1 Million 167 584 4 593 1 1,349 Below 500,000 1,801 30,938 204 9,448 41 42,432 Total Lots Sold 2,297 32,221 212 10,811 44 45,585 Total Sales Value (USD) $400,360,059 $768,486,493 $9,967,725 $730,778,278 $885,961 $1,910,478,516 Average Price (USD) $174,297 $23,850 $47,018 $67,596 $20,135 $41,910
2 Sector Breakdown and Price Distribution 2.2 Performance by Sector 25 2.2 Performance by Sector Ever since the start of the correction period in 2012, the average price in mainland China has been steadily increasing across collecting categories. In 2016, an exceptionally strong growth (12%) was seen in the category the largest category (in both value and volume) in mainland China. This growth was driven by an increasingly strong market for Classical, in which the average price increased from $57,629 ( 373,956) in 2015 to $71,254 ( 492,367) in 2016. Market Share by Value (USD) by Collecting Category in Mainland China in 2016 Books and Manuscripts 2.1% Art 5.6% 23.5% Other 5.2% 63.6% However, the correction in continued in 2016. The number of lots sold in this sector dropped by 30% and its total value sold declined by 42%. The average price dropped to its lowest level since the market peak, down by 33% from 2013 when the price was at its highest. Meanwhile, the lot volume increased in both the Classical and Modern sectors. Modern Painting and remains the largest sector within this category in both value and volume, taking shares from the sector in 2016. Market Share by Volume (Lots Sold) by Collecting Category in Mainland China in 2016 As collectors play a bigger part in the international art scene, the market share (in value) for the Fine Painting and category has also seen a 47% increase overseas since 2011, reaching 38% in 2016. It is therefore only two percentage points away from overtaking the category as the largest collecting category for art and antiques sold overseas. Other 22.7% Books and Manuscripts 6.7% Art 2.8% 42.3% 25.4%
26 Global Art Auction Market Report 2016 However, a much larger percentage of lots in this category were sold in the lower end of the market overseas, rising from 77% in 2015 to 87%, taking shares from the middle and higher-end market in 2016. As a result, the average price dropped by 2% to $67,596 ( 467,087) in 2016, though it is still much higher than the average price for this category in mainland China ($28,520 / 197,074). In 2016, remains the largest category overseas in volume and value. However, the share in value held by this category declined from 56% in 2015 to 40% in 2016, its lowest level in six years. Market Share by Value (USD) by Collecting Category Overseas in 2016 Books and Manuscripts 0.5% Art 21.0% 40.2% 38.3% The average price for declined by 43% from its peak in 2015, due to a lack of support at the middle-market level ( 500k below 10 million). The share of lots sold in this price bracket declined from 7% in 2015 to 3% in 2016, giving way to a larger lower-end market (below 500,000). Among all regions overseas, North America saw the largest decline (39%) in the average price for, down from $14,208 ( 92,195) in 2015 to $8,602 ( 59,436) in 2016, contributing to the overall decline. Market Share by Volume (Lots Sold) by Collecting Category Overseas in 2016 Books and Manuscripts 0.5% Art 5.0% 23.7% An opposite trend was seen in mainland China, where the category saw an increase in both value and volume against the contraction seen in all other categories. Driven by an increase in demand, especially in the middle market, sell-through rates in this category increased to 51%, the 70.7%
2 Sector Breakdown and Price Distribution 2.2 Performance by Sector 27 highest since the start of the correction period in 2012. The average price remained stable at $17,499 ( 120,920), though it was still slightly lower than it was overseas ($23,850 / 164,807). Art Due to ongoing concerns regarding the price bubble, the supply of Art has been on a downward trend since 2014 in both mainland China and overseas. Even as transaction volumes decreased in 2016, more lots in this category were sold at the high end of the market. In 2016, mainland China sold 25 lots above $1.4 million ( 10 million), the highest volume in this price bracket since the start of the correction period. Six lots were sold overseas above $7.2 million ( 50 million) in 2016, as compared to only two in 2015. As a result, the average price for Art increased in both mainland China and overseas, reaching their highest levels since 2012. The average price overseas returned to $174,297 ( 1.2 million), only 7% shy of the 2011 peak, while mainland China saw a more steady growth since 2012, standing at $37,900 ( 261,888) 38% lower than the average in 2011. Books and Manuscripts The Books and Manuscripts category has traditionally represented only a small portion of global art sales due to high barriers of entry, including a lack of language fluency and cultural understanding. In 2016, this sector only accounted for 1% of total global sales value for art, though positive trends can be observed in both mainland China and overseas. In mainland China, the average price of Books and Manuscripts has been improving since 2013. Standing at $5,797 ( 40,056) in 2016, the average price was 73% higher than in 2013, and exceeded the peak in 2011 for the first time. The growth in the overseas market was even more significant, as more collectors entered the international art market. Total sales value of this category increased from $11,591 ( 78,029) in 2011 to $9.9 million ( 68.8 million) in 2016. The average price has also increased from $2,318 ( 15,606) to $47,018 ( 324,891) in the same period. Since 2014, sell-through rates continued to improve at a much higher speed than any other category overseas, thereby reaching 70% in 2016 notably the highest among any category overseas or in mainland China. If we look at the middle and lower-end markets, where the majority of transaction volumes occurred, the market share of this category has gradually shifted away from the middle market ( 500,000 below 10 million) towards the lower-end market (below 500,000), as investors looking for quick returns gradually shied away from this category.
Appendix 1 2016 Global Antiques and Art Auction Houses
Mainland China
30 Global Art Auction Market Report 2016 # Region Auction House Lots Offered Lots Sold Sell-Through Rate (%) 1 Beijing Yi De Ge 2 Beijing David s Antique & Art Auction 3 Beijing Infinity Auctions (Beijing) Company Limited 4 Beijing Exceptional (Beijing) 5 Beijing Pacific Auction Co., 6 Beijing Zhong Gu Tao Auction (Beijing) Co., 7 Beijing Zhong An Taiping 8 Beijing China Guardian 383 246 64.23% 9,999,900 $1,447,164 0 0 0.00% 0 $0 2,492 1,556 62.44% 9,979,700 $1,444,240 186 139 74.73% 8,543,500 $1,236,397 76 17 22.37% 320,200 $46,339 22,908 17,272 75.40% 4,752,720,000 $687,803,184 9 Beijing Zhong Bao 56 53 94.64% 10,911,600 $1,579,103 10 Beijing Zhong Cheng Ding Li 11 Beijing Sungari Auction Co., 12 Beijing Zhong Heng Yi Ping 13 Beijing Zhongdu Auction Co., 14 Beijing Zhong Hong Xin 15 Beijing Zhong Lian Shi Jie Auction Co., 16 Beijing Zhong Lian Huan Qiu 17 Beijing Zhong Lian Auction Co., 0 0 0.00% 0 $0 2,720 1,769 65.04% 757,404,700 $109,609,942 88 35 39.77% 138,000 $19,971 1,891 350 18.51% 41,955,400 $6,071,693 69 17 24.64% 50,000 $7,236 1,641 349 21.27% 2,852,400 $412,793 83 30 36.14% 100,900 $14,602 18 Beijing China Favorable 19 Beijing Long Ze De 20 Beijing Dongfangqiushi 0 0 0.00% 0 $0
Appendix 1 2016 Global Art Auction Houses 31 # Region Auction House Lots Offered Lots Sold Sell-Through Rate (%) 21 Beijing The Orient Auction Co., 22 Beijing Oriental Treasure Auctions Co., 23 Beijing Dong Fang Yu Cang Auction (Beijing) 24 Beijing Dong Fang Rong Xun (Beijing) 25 Beijing Beijing Yi Feng Han Lin 26 Beijing Beijing Ba Fang Hui Cui Auction Co., 27 Beijing Beijing Jiuge Auction Co., 277 23 8.30% 81,485,800 $11,792,446 4,391 445 10.13% 2,182,400 $315,832 861 128 14.87% 204,300 $29,566 0 0 0.00% 0 $0 142 8 5.63% 16,700 $2,417 1,264 838 66.30% 336,486,000 $48,695,514 28 Beijing China Legend 0 0 0.00% 0 $0 29 Beijing Beijing Kaiyuantianxing Auction Co., 30 Beijing Beijing Tian Lang Wen Hui Auction Co., 31 Beijing Beijing Tian Ya Yi Heng 32 Beijing Beijing Yi Dian Zhen Cang 84 22 26.19% 291,500 $42,185 47 47 100.00% 2,199,800 $318,350 505 118 23.37% 1,989,200 $287,873 33 Beijing Beijing A&F 34 Beijing Beijing Ju Li Auction 1,973 502 25.44% 52,007,600 $7,526,425 36 Beijing Beijing Zhonghan 37 Beijing Beijing Zhongtoujiayi 38 Beijing Beijing Zhongpai 39 Beijing Beijing Zhongzhao 40 Beijing ZHZD Beijing Auction Co., 945 634 67.09% 110,899,000 $16,049,059 1,135 333 29.34% 95,140,000 $13,768,452 48 0 0.00% 0 $0
32 Global Art Auction Market Report 2016 # Region Auction House Lots Offered Lots Sold Sell-Through Rate (%) 41 Beijing Beijing Hanson 0 0 0.00% 0 $0 42 Beijing Beijing Zhong Hai Yi Lan 43 Beijing Beijing Zhongzi 44 Beijing Beijing Zhong Bo 45 Beijing Beijing Zhong Ding 46 Beijing Beijing Zhong Yu Auction 47 Beijing Beijing Chang Feng 48 Beijing Beijing Jindianlianhe 49 Beijing Beijing Feng Huang Ren Shen Jewelry Auction Co., 50 Beijing Beijing Wen Jin Ge 51 Beijing Beijing Wenboyuan 52 Beijing Beijing Shuang Bao Tong 53 Beijing Beijing Shijishengtang 54 Beijing Beijing Gu Wu Xuan 55 Beijing Beijing Antique City 56 Beijing Beijing Prospect 57 Beijing Beijing Orient Lide 58 Beijing Beijing Dong Zheng 18 0 0.00% 0 $0 0 0 0.00% 0 $0 111 26 23.42% 8,211,000 $1,188,278 886 266 30.02% 46,473,000 $6,725,470 0 0 0.00% 0 $0 60 0 0.00% 0 $0 721 267 37.03% 24,460,000 $3,539,797 4,084 2,017 49.39% 334,691,100 $48,435,760 576 143 24.83% 921,400 $133,343 3,262 2,410 73.88% 1,014,369,000 $146,797,250
Appendix 1 2016 Global Art Auction Houses 33 # Region Auction House Lots Offered Lots Sold Sell-Through Rate (%) 59 Beijing Beijing Dong Xi Fang 60 Beijing Beijing Dongpai 61 Beijing Beijing Dong Lian Sheng Shi Bao 62 Beijing Beijing Randong 63 Beijing Beijing Yin Qian Shan 64 Beijing Beijing Bao Ying 65 Beijing Beijing Gu Tian Yi 66 Beijing Beijing Xuan He 67 Beijing Beijing Forever 68 Beijing Beijing Hong Bao 1,030 524 50.87% 5,263,700 $761,751 300 131 43.67% 1,600,000 $231,548 174 6 3.45% 34,300 $4,964 3,172 2,341 73.80% 304,960,100 $44,133,155 591 52 8.80% 26,490,000 $3,833,575 605 356 58.84% 113,147,400 $16,374,443 2,130 316 14.84% 5,720,000 $827,786 0 0 0.00% 0 $0 69 Beijing Beijing Shengqi 0 0 0.00% 0 $0 70 Beijing Beijing Council 71 Beijing Beijing Kuangde 72 Beijing Beijing Jigu Auction Co., 73 Beijing Beijing Yazhouhongda 74 Beijing Beijing Yazhou Chenze Auction Co., 75 Beijing Beijing Yazhouronghai 76 Beijing Beijing Xi Rong Ge 8,423 6,271 74.45% 4,967,460,000 $718,879,884 60 0 0.00% 0 $0 1,090 67 6.15% 589,500 $85,311 513 58 11.31% 691,000 $100,000 1,839 82 4.46% 338,000 $48,915
34 Global Art Auction Market Report 2016 # Region Auction House Lots Offered Lots Sold Sell-Through Rate (%) 77 Beijing Beijing Baina Auction Co., 78 Beijing Beijing Zhicheng 79 Beijing Beijing Chuanguan 80 Beijing Beijing Tranthy 81 Beijing Beijing Wu Lun 82 Beijing Beijing Hua Chen 83 Beijing Beijing Hua Ruan Xin Cheng 84 Beijing Beijing Huaxia Tiantian Auction Co., 85 Beijing Beijing Huaxia Chuancheng 4,174 293 7.02% 3,912,800 $566,252 540 32 5.93% 592,600 $85,760 453 3 0.66% 51,900 $7,511 1,158 1,034 89.29% 516,921,000 $74,807,670 36 26 72.22% 37,109,200 $5,370,362 3,262 1,294 39.67% 264,970,000 $38,345,876 200 6 3.00% 6,400 $926 18 6 33.33% 393,800 $56,990 86 Beijing China Treasure Auction 87 Beijing Beijing Huaxia Jindian 88 Beijing Beijing Hua Xia Hong Xi 89 Beijing Beijing Hua Ming 90 Beijing Bejing Shoucang Online Auction 792 87 10.98% 294,200 $42,576 91 Beijing Beijing Guantang Bique 92 Beijing Beijing Jiu Yang 93 Beijing Beijing Yuan Fang 94 Beijing Beijing Kuang Shen 95 Beijing Beijing Haleshen Century 0 0 0.00% 0 $0 0 0 0.00% 0 $0 359 81 22.56% 502,100 $72,663 750 585 78.00% 11,280,000 $1,632,417
Appendix 1 2016 Global Art Auction Houses 35 # Region Auction House Lots Offered Lots Sold Sell-Through Rate (%) 96 Beijing Beijing Hongzheng 97 Beijing Beijing Qishi Auction Co., 98 Beijing Beijing Jihua Chunqiu 99 Beijing Beijing Qing Ding 100 Beijing Beijing Oujiang Chengcheng 101 Beijing Beijing Zhuo De 102 Beijing Beijing Shanggu Pinyi Intl Auction Co., 103 Beijing Beijing Mingzhu Shuanglong 104 Beijing Beijing Jiayin Auction Co., 105 Beijing Beijing Jin Shi De 106 Beijing Beijing Jin Chui Bao Cheng Auction 107 Beijing Beijing Jin Chui Sheng 108 Beijing Beijing Bao Lun Auction 612 89 14.54% 9,570,000 $1,384,949 711 306 43.04% 21,942,000 $3,175,398 10 0 0.00% 0 $0 0 0 0.00% 0 $0 54 44 81.48% 6,123,000 $886,107 200 12 6.00% 55,500 $8,032 0 0 0.00% 0 $0 53 0 0.00% 0 $0 0 0 0.00% 0 $0 109 Beijing Bejing Bao Yu Auction 110 Beijing Beijing Bao Rui Ying 111 Beijing Beijing Cheng Xuan 112 Beijing Beijing Jian Ya Century Auction Co., 113 Beijing Beijing Rong He Long Sheng 1,245 296 23.78% 165,539,000 $23,956,440 4,807 4,006 83.34% 390,630,900 $56,531,245 0 0 0.00% 0 $0 114 Beijing Beijing Rombon 4,010 2,928 73.02% 561,564,800 $81,268,423
36 Global Art Auction Market Report 2016 # Region Auction House Lots Offered Lots Sold Sell-Through Rate (%) 115 Beijing Beijing Rong Sheng Xuan Auction 68 7 10.29% 25,600 $3,705 116 Beijing See Gem 1,734 1,156 66.67% 14,100,000 $2,040,521 117 Beijing Beijing Poly Auction Co., 118 Beijing Beijing Mei San Shan 31,089 19,389 62.37% 5,814,465,200 $841,456,614 16 5 31.25% 160,500,000 $23,227,207 119 Beijing Beijing Hongqian 643 51 7.93% 477,900 $69,161 120 Beijing Beijing Heng Yuan Tai Auction 121 Beijing Beijing HSDT Auction Co., 122 Beijing Beijing Xuan Shi 123 Beijing Beijing Inshine 124 Beijing Beijing Yingchang 125 Beijing Beijing Taihe Jiacheng Auction Co., 126 Beijing Beijing Shengyong 127 Beijing Beijing Hai Wang Cun Auction Co., 128 Beijing Beijing Haihua Hongye Auction Co., 129 Beijing Beijing Sangjie 130 Beijing Beijing Junjing Weiye Intl. Auction Co., 131 Beijing Beijing Fan Tang Art Auction Co., 132 Beijing Beijing Sheng Shi Jia Bao Auction Co., 133 Beijing Beijing ShengJia 0 0 0.00% 0 $0 409 8 1.96% 42,600 $6,165 305 177 58.03% 25,095,300 $3,631,737 437 382 87.41% 213,922,000 $30,958,321 3,550 413 11.63% 6,154,900 $890,724 5,987 1,724 28.80% 67,904,300 $9,826,961 2,242 1,124 50.13% 9,771,600 $1,414,124 5,527 3,763 68.08% 54,009,200 $7,816,093 402 8 1.99% 97,200 $14,067 851 31 3.64% 111,100 $16,078 50 18 36.00% 16,901,500 $2,445,948 0 0 0.00% 0 $0
Appendix 1 2016 Global Art Auction Houses 37 # Region Auction House Lots Offered Lots Sold Sell-Through Rate (%) 134 Beijing Beijing Yin He Auction Co., 135 Beijing Beijing Inzone Auction Co., 1,480 693 46.82% 3,570,000 $516,643 933 717 76.85% 455,084,900 $65,858,886 136 Beijing Beijing Pengea 200 20 10.00% 146,900 $21,259 137 Beijing Beijing Long Rong 138 Beijing Beijing Longchen 139 Beijing Beijing Vitaviden 140 Beijing Beijing Qindao Rongde 690 86 12.46% 503,200 $72,822 80 5 6.25% 30,600 $4,428 2,122 1,634 77.00% 35,650,000 $5,159,190 141 Beijing Beijing Bo Bao 142 Beijing Beijing Bo Mei 143 Beijing Beijing Dingxing Tianhe 144 Beijing Beijing Jingxing Linfeng 145 Beijing Beijing Zhanran 146 Beijing Beijing Fu Bi Fu 147 Beijing Beijing Fu Gu Tai 148 Beijing Beijing Reaping 149 Beijing Beijing Bao Rui Hang 150 Beijing Beijing Xin Min Qin Auction Co., 1,378 705 51.16% 43,353,700 $6,274,052 1,227 498 40.59% 644,400 $93,256 2,329 860 36.93% 35,368,500 $5,118,452 1,527 901 59.00% 50,806,900 $7,352,663 38 3 7.89% 2,640,000 $382,055 1,957 831 42.46% 4,433,700 $641,635 2,549 2,065 81.01% 4,546,000 $657,887 6 1 16.67% 66,200 $9,580 151 Beijing Beijing Xinhua 126 46 36.51% 3,482,400 $503,965 152 Beijing Beijing Yonghe Jiacheng
38 Global Art Auction Market Report 2016 # Region Auction House Lots Offered Lots Sold Sell-Through Rate (%) 153 Beijing Beijing Jia He Auction Co., 154 Beijing Beijing Jiali Nianhua 155 Beijing Beijing Artade Online Auction Co., 156 Beijing Beijing Jubaojinding 10 0 0.00% 0 $0 52,384 20,729 39.57% 34,873,300 $5,046,787 859 10 1.16% 111,100 $16,078 157 Beijing Beijing Googut 0 0 0.00% 0 $0 158 Beijing Beijing Safari 100 69 69.00% 478,600 $69,262 159 Beijing Beijing De Bao 160 Beijing Beijing Han Hai 1,890 1,055 55.82% 14,737,400 $2,132,764 8,714 5,521 63.36% 931,037,600 $134,737,713 161 Beijing Beijing Ru Jia Auction 162 Beijing Honchin Auction Co., 163 Beijing Yazhou Shanghe (Beijing) Auction Co., 943 201 21.31% 875,800 $126,744 246 16 6.50% 2,620,700 $379,262 164 Beijing Hong Shan Auction (Beijing) 29 1 3.45% 17,800 $2,576 165 Beijing She De Auction (Beijing) 49 1 2.04% 11,200 $1,621 166 Beijing Jin Yuan Jian (Beijing) Auction 167 Beijing Jin Mao Auction Co., 168 Beijing Bao Teng Auction Co., 169 Beijing Ping Sheng Auction Co., 170 Beijing Hammer Auction (Beijing) Co., 0 0 0.00% 0 $0 45 10 22.22% 767,800 $111,114 0 0 0.00% 0 $0 171 Beijing Bao Xin Li Cheng Auction (Beijing) 172 Beijing Heng Yi Yin Xiang (Beijing) Auction 173 Beijing Shuo Fang Auction Co.,
Appendix 1 2016 Global Art Auction Houses 39 # Region Auction House Lots Offered Lots Sold Sell-Through Rate (%) 174 Beijing Ding Feng Auction 0 0 0.00% 0 $0 175 Beijing Ding Chang Tai He 176 Beijing Jialong Auction 177 Beijing Jide Total in Beijing 232,718 116,389 50.01% 23,136,172,500 $3,348,215,991 178 Tianjin Tianjin Tongfang 179 Tianjin Tianjin Auction Co., 1,572 802 51.02% 83,826,300 $12,131,158 4,387 2,994 68.25% 18,392,900 $2,661,780 180 Tianjin Tianjin Bo Shi Jia 181 Tianjin Tianjin Ding Tian 182 Tianjin Tianjin Lan Tian 183 Tianjin Tianjin Bin Hai Jian Ye Auction Co., 184 Tianjin Tianjin De Long 185 Tianjin Tianjin Rongdetang Art Auction Houses Co., 1,031 274 26.58% 42,397,700 $6,135,702 0 0 0.00% 0 $0 900 285 31.67% 292,100 $42,272 0 0 0.00% 0 $0 186 Tianjin Tianjin Han Ya 2,634 226 8.58% 417,200 $60,376 187 Tianjin Haitian Auction Co., 188 Tianjin Han Cong Auction Co., 1,303 763 58.56% 72,673,000 $10,517,077 Total in Tianjin 11,827 5,344 45.18% 217,999,200 $31,548,365 189 Shanghai Shanghai Gong Mei Auction Co., 1,531 950 62.05% 74,522,500 $10,784,732 190 Shanghai Shanghai Dagong 908 94 10.35% 373,100 $53,994 191 Shanghai Shanghai Da Zhong Auction Co., 7,774 2,708 34.83% 16,703,700 $2,417,323
40 Global Art Auction Market Report 2016 # Region Auction House Lots Offered Lots Sold Sell-Through Rate (%) 192 Shanghai Shanghai Tian Ci Yu Cheng 193 Shanghai Shanghai Tianheng Auction Co., 194 Shanghai Shanghai Zhong Yi Auction Co., 195 Shanghai Shanghai Zhong Nan Auction Co., 196 Shanghai Shanghai Zhong Fu Auction Co., 197 Shanghai Shanghai Chang Cheng Auction Co., 198 Shanghai Shanghai Epama 199 Shanghai Shanghai Hui Yuan Auction Co., 1,090 345 31.65% 3,888,300 $562,706 318 271 85.22% 285,072,000 $41,254,993 129 40 31.01% 33,900 $4,906 53 13 24.53% 47,300 $6,845 697 109 15.64% 14,902,700 $2,156,686 196 67 34.18% 2,106,700 $304,877 3,345 1,761 52.65% 116,669,400 $16,884,139 200 Shanghai Shanghai Han Lin 201 Shanghai Shanghai Lao Cheng Huang 202 Shanghai Shanghai Chuan Shi Auction Co., 146 11 7.53% 12,800 $1,852 203 Shanghai Shanghai Hua Yu 5,337 3,792 71.05% 28,179,400 $4,078,061 204 Shanghai Shanghai Hua Xia 1,375 1,018 74.04% 3,332,800 $482,315 205 Shanghai Shanghai Duo Yun Xuan Auction Co., 206 Shanghai Shanghai Possession Auction Co., 207 Shanghai Shanghai Yangming Auction Co., 208 Shanghai Shanghai Chi Han Auction Co., 209 Shanghai Shanghai Technology Property 210 Shanghai Shanghai Fan Hua Auction Co., 7,788 5,054 64.89% 312,430,900 $45,214,313 485 227 46.80% 13,802,200 $1,997,424 11,368 9,710 85.42% 68,603,900 $9,928,205 5,130 2,679 52.22% 129,630,000 $18,759,768 1,160 351 30.26% 726,500 $105,137 3,114 1,679 53.92% 29,168,900 $4,221,259